![]() The main issue is that the quantity of gold retrieved when panning is often extremely limited and in the form of sand-like particles. ![]() ![]() However, making a living out of gold panning without investing in more efficient equipment and machinery is very challenging, and it’s very unlikely that you will find rich gold deposits in enough quantity to support yourself financially. Can You Make a Living Out of Gold Panning?Īlthough there are other materials in the placer gold, prospectors can sell it to a qualified buyer for a profit. Typically, you can expect to get 70-85% of the gold spot price, when selling placer gold to a dealer. Because of this mixture of minerals, a prospector won’t get as much money when selling the placer because it isn’t entirely composed of gold. Gold placer usually won’t only contain only gold, but will also have other materials and minerals, such as copper, platinum, and silver. In short, gold prospecting is the activity of going out and sampling material in different locations, in order to find gold-bearing ground that can be processed with heavier equipment, such as sluice boxes or high bankers. It’s important to note that gold panning mostly is used as a means of prospecting. This method is ideal when processing small quantities of streambed material, and with enough persistence, it can lead to finding gold placer. In the right location, prospectors will pour the collected streambed material in the pan and keep washing it with stream water.
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